Switzerland's VAT sets Monday bank meeting for $405 million term loan

By Paul A. Harris

Portland, Ore., Jan. 9 - Swiss vacuum valve-maker VAT Inc. will roll out a $405 million seven-year first-lien covenant-light term loan at a bank meeting on Monday, according to a market source.

Credit Suisse Securities (USA) LLC is the lead.

Price talk is Libor plus 425 basis points with a 1% Libor floor at 99 with 101 soft call protection for one year.

Commitments are due on Jan. 27.

The credit facility also includes a CHF 30 million five-year revolver.

Proceeds will be used to fund the leveraged buyout of the Sennwald, Switzerland-based company by Capvis and Partners Group.

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